Innate Pharma Raises €20.3M in Private Placement

Innate Pharma IPHYF announces today the completion of a private placement directed to US-based specialist institutional investors. The gross amount raised is €20.3 million corresponding to 7.6 million new ordinary shares which will be issued. The subscription price of each new share is €2.67, which was the volume-weighted- average-price of the previous three trading sessions preceding the closing of the private placement on November 19, 2013 and a 4% discount on the closing price on November 15, 2013, the trading day before the announcement of the launching of the offering. The capital increase was placed entirely with US-based institutional investors specializing in the sector including funds managed by QVT Financial LP and Redmile Group. Through this offering, OrbiMed acquired more than 5% of the share capital of Innate Pharma. Hervé Brailly, CEO, said: « This fundraising is a resounding success: we have built a strong shareholder base in the United States, the most important capital market for biotech companies. We now have more than 25% of Innate Pharma's share capital held See full press release